The PUMP token from Pump.fun has plummeted over 63% following a highly anticipated ICO, raising concerns among investors. Initially launched with a fully diluted value of $4 billion after a $600 million token sale, PUMP is now trading below its ICO price at approximately $0.0024. The co-founder announced that an expected airdrop of tokens is not imminent, furthering sell pressure, while a class-action lawsuit against Pump.fun has compounded the negative sentiment. Nearly 60% of presale participants have sold their tokens, contributing to increased pressure on the price. Additionally, competition from rival meme coin platform LetsBonk is likely diverting investor interest away from PUMP. Technical analysis indicates strong downward momentum with indicators such as the RSI and ADX suggesting continued selling pressure, with traders viewing any rebounds as unlikely without breaking key resistance levels. Immediate support is anticipated at $0.00239, while strong resistance is seen around $0.00340, suggesting a challenging path ahead for the token and its holders.

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